Commonwealth Bank Youthsaver Account
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 2.6%p.a.
- Minimum deposit
- $1
Summary
Get a bonus on your interest every time you practice good savings habits with your Youthsaver Account
Designed to encourage young Australians to save, the Youthsaver Account pays interest on the balance, and then adds a bonus to that each month you are able to meet their terms. Pay no monthly fees, and use CommBank facilities to make your withdrawals and you can avoid any transaction fees as well.
Pros
-
No account keeping fees
-
Phone and internet banking available
-
Counter service available
-
Competitive interest rate available
Cons
-
International fees apply on transactions made abroad
-
There may be withdrawal fees from non-Commonwealth bank ATMs
Details
Key details
| Product Name | Commonwealth Bank Youthsaver Account |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 2.60% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
Your reviews
Alison Finder
Editor
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Angus Kidman Finder
October 21, 2024
Hi Dani, You’re eligible for the full 5% rate (2.6% base+2.4% bonus) provided you make a deposit and no withdrawals – so yes, that means the balance is higher. If that’s the case, then you receive 5% interest (calculated on the daily balanceand paid at the end of the month). If you’ve made any withdrawals or haven’t made a deposit, you’ll just earn the 2.6% base rate. Both the base and bonus rate are variable and subject to change, but you’ll be notified by the bank if this happens. Hope this helps!
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Cate
February 06, 2024
I want to set up a bank account for my grandson to give him when he turns 18. What is the best acct and how do I do this
Sarah Megginson Finder
September 23, 2024
Hi Cate,
You can learn more about opening an account for your grandson along with some suitable accounts in this guide. Hope this helps!
Melannie
January 28, 2024
What is the minimum monthly deposit amount to receive the 5% interest rate?
Jason Loewenthal Finder
February 02, 2024
Hi Melannie,
There is no minimum monthly deposit for this account, though to active the bonus interest you need to grow the balance each month (excluding interest earned that month).
I hope that helps.
Julie
January 11, 2024
Do you know what happens after they turn 17? Do they need to start a new account?
Sarah Megginson Finder
January 11, 2024
Hi Julie, The account is designed for people aged up to 17. Once you turn 18, the bank will contact you and help you transfer the account to a different savings or transaction account of your choice.
Sarah
January 10, 2024
Do I have to have an account with you to open up a youth saver account for my child?
Sarah Megginson Finder
January 10, 2024
Hi Sarah, No you don’t need to be a CommBank customer. But depending on your child’s age, as a parent or legal guardian, you may need to open a Youthsaver account on their behalf. For a child under 14, you’ll need You’ll need to provide at least one form of ID for you (e.g. current driver’s licence or passport) if you don’t already bank with CommBank, and ID for your child (e.g. birth certificate or passport).
Hope this helps!
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Dani
October 21, 2024
Is the 5% max rate variable, such that is an amount is added in the month and the total is higher than the start of the month, the account will accrue 5% interest? Or is it variable. It just depends on the market what this max rate is?
Thank you